I'm looking for advise on company ceasing business as well as on buyouts.
I work in a startup and it operates doing two separate businesses. I'm currently leading one of the two entities. We've recently been informed that the entire company will cease operations due to the other entity not achieving it's targets and hence failing to receive further investor's funds. The entity I'm heading unfortunately can not sustain both entities.
The founders are not keen to continue with just one entity and furthermore have no interest in pursuing it. What we are left with is a team of employees and a great set of Client's whom we've built great relationships with over the months. I am left with a loyal team of experts who look to me for answers on what's next.
We have recently received some interest from another company who is looking to expand and buyout my team, as well as to obviously absorb the existing businesses we have as well.
My questions (some may sound blond, please forgive me in advance)
1. Legal Documents like NDAs, Contracts, etc.
As I am seen as the 'lead' and is initiating this deal on behalf of my team, must I register ourselves as a new business first before I can negotiate any deals with the interested company that is looking to expand?
My team would very much like to retain as much of our work culture as possible within this new company, what are my legal grounds to negotiate for this if any at all?
Please share any other tips/advise on how to go about this? Thanks in advance.
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